'Economy, Security, Expo'... Yoon Focuses on Catching Three Rabbits with Multilateral and Bilateral Talks (Comprehensive)

EAS Targets China and Russia: "North Korea's Nuclear Threat Can Hit All Attending Countries"
Strengthening Economic Cooperation with Singapore, Cambodia, and Others
Signing of Korea-Philippines FTA...Enhancing Export and Supply Chain Cooperation
16 Contracts and MOUs Signed at Korea-Indonesia BRT

On the third day of President Yoon Suk-yeol's visit to Indonesia for the ASEAN (Association of Southeast Asian Nations) related summit meetings on the 7th (local time), he repeatedly emphasized economic cooperation, coordination for sanctions against North Korea's nuclear and missile development, and the 2030 World Expo at the East Asia Summit (EAS) and multiple bilateral meetings. ASEAN is home to many emerging industrial countries and is considered a geopolitical key point, so the plan is to initiate full-scale cooperation through this visit to Indonesia.

Starting from the morning with the EAS, President Yoon attended a series of summit meetings with Cambodia, Singapore, and the Philippines, talks with China and Laos, and the Korea-Indonesia Business Roundtable (BRT).

[Image source=Yonhap News]

Continuing from the previous day, President Yoon emphasized an international order based on universal values such as freedom, peace, and prosperity, raising his voice to condemn North Korea's nuclear and missile activities. In particular, he criticized China and Russia, stating, "North Korea is under the strictest and most comprehensive sanctions from the UN Security Council, and all UN member states must comply with the sanctions resolutions." China and Russia are permanent members of the Security Council along with the US, France, and the UK, and are also EAS member countries. This statement directly targets China and Russia, who are expected to hold a North Korea-Russia summit next week between North Korean Workers' Party General Secretary Kim Jong-un and Russian President Vladimir Putin to pursue arms deals, and who have vetoed additional sanctions on North Korea. Regarding the Ukraine war, South China Sea conflicts, and violence in Myanmar, he expressed opposition to changes in the status quo by force. In the Korea-China summit with Premier Li Qiang, President Yoon reportedly said, "I hope China will sincerely and responsibly play a role in this matter going forward so that the North Korea issue does not become an obstacle in Korea-China relations," adding, "The worse the North Korean nuclear issue becomes, the more the Korea-US-Japan cooperation will inevitably strengthen."

In summit meetings with Cambodia, Singapore, and the Philippines, and bilateral talks with Laos, he actively pursued new market penetration through cooperation in export sectors such as supply chains, infrastructure, and advanced industries. The ASEAN region, to which these countries belong, offers mutually beneficial development potential, as Korea can easily secure materials and ASEAN countries can cooperate in advanced technologies.

[Image source=Yonhap News]

President Yoon held his first summit meeting with Cambodian Prime Minister Hun Manet and agreed to actively utilize the Korea-Cambodia Free Trade Agreement (FTA), which came into effect in December last year, and the customs mutual support Memorandum of Understanding (MOU) signed in April this year to expand trade. Prime Minister Hun Manet, the eldest son of former Prime Minister Hun Sen who ruled Cambodia for 38 years, took office on the 22nd of last month. Cambodia is Korea's largest development cooperation partner, and Korean companies are constructing the 'Korea-Cambodia Friendship Bridge' to be built in the capital Phnom Penh. President Yoon also held his first summit meeting with Singaporean Prime Minister Lee Hsien Loong and agreed to strengthen cooperation in future core areas such as digital and green technologies, infrastructure, finance, and electric vehicles. He held his first bilateral meeting with Laotian Prime Minister Sonexay Siphandone and agreed to continue cooperation in trade, investment, sustainable development of the Mekong River basin, as well as advanced technology and digital transformation sectors. He also expressed his intention to cooperate with Laos, the chair country of ASEAN in 2024.

Especially at the Korea-Philippines summit with President Ferdinand Marcos Jr., they signed the Korea-Philippines Free Trade Agreement (FTA). The Philippines is a key mineral resource country essential for advanced industries and has a young population with about one-third of its 110 million people aged 13 to 24 being economically active, as well as a large domestic market where consumption accounts for 70% of GDP, which is expected to boost export vitality for Korean companies. Notably, the Philippines achieved a high level of openness by eliminating tariffs on 96.5% of all items, and Korea on 94.8%. Furthermore, the Korea-Philippines FTA is the fifth bilateral FTA with ASEAN member countries following Singapore, Vietnam, Cambodia, and Indonesia, completing Korea's FTA network covering 91% of the ASEAN market, enabling further expansion of trade within ASEAN. A foundation for cooperation in supply chains, including key minerals, was also established. According to the US Geological Survey (USGS), as of 2022, the Philippines ranked second in nickel production used in electric vehicle batteries with 330,000 tons, following Indonesia (1.6 million tons), and fourth in cobalt production after the Democratic Republic of Congo (145,000 tons), Indonesia (9,500 tons), and Australia (7,000 tons). Korea is expected to gain momentum in exports and supply chain security to the Philippines, including automobiles. At the Korea-Indonesia Business Roundtable (BRT) attended by President Yoon, 16 contracts and MOUs were signed, achieving results in areas such as key minerals, nuclear power, new city construction, healthcare, and power. President Yoon also requested support for the 2030 Busan World Expo as the vote for the host city is just over three months away.

This content was produced with the assistance of AI translation services.